Page 78

AFRICAN DAWN Annual Report 2016

continued Notes to the Financial Statements Annual Financial Statements For the year ended 29 February 2016 Group Company 2016 R’000 2015 R’000 2016 R’000 2015 R’000 14. Share capital and share premium (continued) Share issue - 21,767 - 21,767 Share issue costs - (1,458) - (1,458) - 20,309 - 20,309 15. Borrowings Loan Balance Present Value Adjustment (refer to notes 26) Deemed interest (refer to note 26) Balance GROUP 2016 R’000 National Housing Finance Corporation (“NHFCE”) - Elite entered into a separate facility agreement whereby the loan is secured on the associated debtors, bears interest at prime +5% and is repayable over 5 years from the borrowing date. Afdawn has provided a guarantee on the loan facility. (Refer to note 11). 2,576 - - 2,576 Sandown Capital Elite Two loan (B) - The loan is unsecured, bears interest at prime and is repayable in instalments of Up to R80,000 per month plus accrued interest. 580 - - 580 Sandown Capital loan (A) - The convertible bond was not converted and new terms are as follows: interest is charged at prime, currently 9.25% per annum and repayments of up to R700,000 plus interest per month in the short term. The loan is unsecured. 6,300 - - 6,300 Sandown Capital Interest free portion loan (A) (C) - The loan bears interest at prime current 10.5% and is repayable in instalments of up to R700,000 starting in December 2016. The loan is unsecured. 3,333 - - 3,333 Nedbank mortgage bond - The loan is secured on fixed property. Interest is levied at prime -0.5% and the loan is repayable in instalments of R172,932 per month. The bond arose as part of a property in possession transaction. The monthly instalments are funded through the cash generated through operations at Greenoaks. (Refer to note 9). 7,564 - - 7,564 20,353 - - 20,353 76 AFRICAN DAWN ANNUAL REPORT 2016


AFRICAN DAWN Annual Report 2016
To see the actual publication please follow the link above